PREFERRED STOCK |
12 Months Ended |
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Dec. 31, 2024 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 10 – PREFERRED STOCK Series A Convertible Preferred Stock The Company previously designated Voting Rights had been established whereby one (1) share of Series A Convertible Preferred Stock has ten (10) equivalent votes of stockholders of the Company's common stock for an aggregate of 10 votes. Each share of Series A Convertible Preferred Stock previously was convertible into ten (10) shares of the Company's common stock. In event of the liquidation of the Company, the shareholders of Series A Convertible Preferred Stock would have preference over the shareholders of the Company's common stock and all other series of Preferred Stock. shares of Preferred Stock as Series A Convertible Preferred Stock and had issued shares.
During 2023, the Company changed the terms of this series of stock whereby one (1) share of Series A Convertible Preferred, after a minimum two-year holding period, can be converted into three thousand (3,000) shares of the Company’s common stock and has the same equivalent voting rights. In October 2023, the three top shareholders cancelled common shares of stock and were issued shares of Series A Convertible Preferred Stock. As of December 31, 2024 and 2023, there are shares of Series A Convertible Stock issued and outstanding.
Series B Convertible Preferred Stock The Company previously designated Holders of Series B Convertible Preferred Stock had no voting Rights. Each share of Series B Preferred Stock previously was convertible into one (1) share of the Company's Common Stock. In event of the liquidation of the Company, the shareholders of Series B Convertible Preferred Stock would have preference over the shareholders of the Company's Common Stock and all other series of Preferred Stock except for the shareholders of Series A Convertible Preferred Stock. As of December 31, 2024 and 2023, there is one share of Series B Convertible Stock issued an outstanding. shares of Preferred Stock as Series B Convertible Preferred Stock and had issued shares.
Series C Non-Convertible Preferred Stock The Company previously designated Holders of Series C Non-Convertible Preferred Stock have 1,600 shares of voting Rights per share. Series C Non-Convertible Preferred Stock is not convertible into any of the Company's Common Stock or other Series of Preferred Stock. In event of the liquidation of the Company, the shareholders of Series C Non-Convertible Preferred Stock would have preference over the shareholders of the Company's Common Stock and all other series of Preferred Stock except for the shareholders of Series A and Series B Convertible Preferred Stock. As of December 31, 2024 and 2023, there is one-half share of Series C Convertible Stock issued an outstanding. shares of Preferred Stock as Series C Non-Convertible Preferred Stock and had issued all shares.
Special 2020 Series A Preferred
The Company has one share of preferred stock designated as Special 2020 Series A Preferred, par value $66,400. This share is now recorded as a Treasury stock. As of December 31, 2024 and 2023, there is share of Special 2020 Series A Preferred issued and outstanding. . The holder for the Special 2020 Series A Preferred shall vote with the holders of both preferred and common stockholders as a single class. The holder is entitled to 60% of all votes. The one share of Series A is convertible into shares of common stock at any time and is not entitled to dividends. The Company purchased that one series A preferred share for $
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